Comments on: The Joy and Pain of New Opportunities

By: Ben Woodward

Ben Woodward — Wed, 18 Nov 2020 18:08:57 +0000

In reply to Ammaron Lucas. You nailed it Ammaron. Alignment is what it's all about!

By: Benjamin Woodward

Benjamin Woodward — Wed, 18 Nov 2020 17:02:14 +0000

In reply to Kerry Tassopoulos. Thank you Kerry. This is such a critical point. I have found that true leadership demands the courage you speak of. At first glance it sounds so ridiculous to say it's courageous to stay focused on the customer. But when, like you said, so much in time, money, resources etc is invested in something that then proves to be a distraction or a hinderance - it really is courageous leadership that pivots.

By: Kerry Tassopoulos

Kerry Tassopoulos — Wed, 18 Nov 2020 00:26:49 +0000

Ben – a thought provoking article, which brings to mind the “sunk cost fallacy” – https://time.com/5347133/sunk-cost-fallacy-decisions/ Companies have invested time, resources, effort in creating a certain model – and yet when they are faced with the reality of the marketplace, and the changes demanded by consumers and forced by lawsuits and regulations… the temptation to stay the course and recoup the “investments made” is human nature. To overcome human nature, and compete in the marketplace through this distribution channel, requires courage – and a laser like focus on the customer, ensuring that they are satisfied with the product they purchased, the experience they had with the seller, and the sense that the investment they have made is one that they will not regret.

By: Ammaron Lucas

Ammaron Lucas — Wed, 28 Oct 2020 10:30:38 +0000

Great article, Ben. It’s important to take an honest view of what is happening around us. You did a nice job of summarising the signs of having the wrong culture in place and the implications of having the right culture in place.
Along with you, I’m a big proponent of the outside-in approach. If we can understand what is of greatest value to our external stakeholders and align our culture to deliver on that, we will not only delight customers, investors and even regulators but will also ensure a bright profitable future for the business we’re a part of.